This compromise accomplishes many important things for the American people. It stops a tax increase that would have created a real hardship for middle class families and hurt our economy. The two percent payroll tax cut, which will provide $120 billion in tax relief for American workers, is particularly important. It will mean more dollars in all income earners pockets, helping with bills during these difficult times, and also provide much-needed stimulus for our economy. Further, the provisions concerning small business incentives for capital improvements will not only help businesses modernize, but will also free up dollars for more hiring. The newly-added tax credits for the purchase of energy efficient appliances, vehicles, alternative fuels, and alternative energy research and development will not only stimulate domestic manufacturing, help consumers, and assist in the cleanup of our environment, but will help our country end its reliance on foreign sources of energy. Finally, for millions of unemployed Americans, this bill literally means food on their table.

Despite all of these significant achievements for our people and our economy, the unfortunate reality is that opponents of the plan will block it unless tax cuts for America's wealthiest are included. For the sake of our middle class and our nation's economic future, we cannot allow that to happen. I am going to support this proposal because it is the right thing to do for our country. But the day is coming soon when we must confront our national debt crisis and everyone, including the wealthy, will be impacted by that process.